It's amazing how far a crypto created based off a meme could go and Dogecoin just proved that by becoming the second largest crypto by market cap currently running on the Proof of Work consensus. This new position however is due to the just recent merge, which resulted in the move of the Ethereum blockchain from the Proof of Work to Proof of Stake consensus. Dogecoin now holds a tank just below Bitcoin and its funny thinking this was a crypto regarded as almost useless some years ago.
Other cryptos topping the list of PoW consensus are Ethereum Classic, Litecoin and Monero currently in the third, fourth and fifth position respectively. When comparing the with the market cap however, it seems no crypto would beat Dogecoin in that rank, atleast for now (almost $3 billion market cap difference between Dogecoin and Ethereum Classic).
Dogecoin running on PoW and being in the end position may not be for long though, because there are plans t by the Dogecoin Foundation to also move Dogecoin from PoW to PoS soon, especially with the benefits of the later like reduced consumption of power and ability to earn more Dogecoin as you stake. Nevertheless, Dogecoin will have to hold this position for a bit, and who knows what this reputation could do for the blockchain.
Dogecoin has come along way and this crypto keeps defying all odds. Becoming the second largest cryptocurrency running on PoW may not seem like an achievement especially since PoW seems like an archaic consensus right now, but the crypto itself has gained acceptance of the crowd is willing to adjust to become one of the biggest cryptocurrencies to ever exist.